Flexible loan solutions that allow you to succeed in your academic journey.
Federal student loans are an option available to help finance your education. Baker College offers loans through the William D. Ford Direct Loan Program. The program offers low interest rate loans to all qualified students (undergraduate and graduate) and their parents.
Although loans can help with educational costs if scholarships, grants and work-study funds are not enough to cover educational expenses, remember that loans must be repaid. Students and parents should carefully consider all financing options and borrow only what is needed.
To determine eligibility for financial aid (including loans), students must submit FAFSA and meet other eligibility requirements.
Federal Direct Stafford Loans
The Stafford Loan program, allows students to borrow and repay money directly from/to the U. S. Department of Education (DOE). There are two types of Federal Direct Stafford Loans:
- Federal Direct Subsidized Loan: Available to undergraduate students who demonstrate financial need. DOE pays the interest while the student is in school at least half-time, during the grace period (usually six months), and during deferments (postponements of repayment).
- Federal Direct Unsubsidized Loan: Available to undergraduate and graduate students, with no requirement to demonstrate financial need. The student is responsible for paying the interest while in school, during the grace period or in deferment. The payment of interest may be deferred while the student is in school but will accrue on the loan.
Federal Parent PLUS Loan for Undergraduate Students
Available to the parent of a dependent undergraduate student enrolled at least half-time. The loan is a non-need-based loan for parents with good credit histories who want to borrow for their dependent students educational expenses. Parents can borrow up to the student’s cost of education minus other financial assistance. For information regarding interest rates and repayment terms, and to apply visit the PLUS loans page on the Federal Student Aid website.
Federal Graduate PLUS Loan for Graduate Students
Available to students enrolled at least half-time in a graduate level program. Grad PLUS loans are a non-need-based loan for students with good credit histories. Students may borrow up to the cost of attendance minus other financial assistance. For information regarding interest rates and repayment terms, and to apply visit the PLUS loans page on the Federal Student Aid website.
Student Loan Repayment
Baker College wants to ensure our students have what they need to successfully begin loan repayment. That’s why we’ve partnered with Student Connections. They assist Baker College students throughout their loan repayment journey. This service is completely free for our students. Visit their website at my.studentconnections.com or contact a borrower advocate at (866) 311-9450.
For most loans, you’ll have a six month grace period after you graduate, leave school, or drop below half-time enrollment before you must begin making payments. Understanding the details and options available will ensure you are prepared for student loan repayment.
Quick Tips:
- Ensure you know who your loan servicer is by logging into studentaid.gov
- Keep your contact information up to date with your loan servicer and on studentaid.gov
- Check out Loan Simulator to get an early look at repayment options and to see estimates for how much you would pay monthly.
- Review Repayment Plans options.
Additional Information
Review additional information about the Federal Direct Loan Program including interest rates, aggregate loan limits and repayment terms at www.studentaid.gov.